MIAMI—Early this week in Florida saw some musical chairs and kudos handed out to firms in the region. South Florida dominated the commercial real estate headlines.

BY THE NUMBERS

The supply of new hotel rooms entering US lodging markets will peak in 2018. The forecast calls for the net addition of approximately 101,000 rooms during 2018, an increase of 2% percent over 2017 average annual daily supply. This is the largest number of new rooms to enter the market since the 130,000 rooms that came on line in 2009. (CBRE Hotels' Americas Research)

NEWS & NOTABLES

NAPLES, FL—John R. Wood Properties announced Chris Barr will be the new technical director for the firm, a new position created to develop and program new cutting-edge platforms as well as integrate and adapt current applications. Barr will also assist JRW's current tech support in the supervision of all cloud and in-house server systems and work with Dottie Babcock, Chief Operating Officer, in JRW's research and statistics operation. Barr has worked for various entities including Neighborhood America, Testimonial Tree, and Naples Area Board of REALTORS (NABOR). At NABOR, Barr was instrumental in the creation of Sunshine Multiple Listing Service, which was the custom MLS system that Naples created.

FORT LAUDERDALE—Stiles Property Management was recently honored by the Building Owners and Managers Association with a TOBY (The Outstanding Building of the Year) award for the Miami Intermodal Center (MIC), a 19.3-acre transportation facility owned by the Florida Department of Transportation (FDOT). Located at 3811 NW 21^st Street next to the Miami International Airport, the MIC is a massive ground transportation hub that provides connectivity via various modes of transportation between Palm Beach County, Broward County, and Miami Dade County, helping to decongest roadways around the airport.

DEAL TRACKER

PLANTATION, FL—HFF arranged the $28 million financing of Plantation Corporate Center I and II, a two-building, 239,616-square-foot office complex in the South Florida community of Plantation. The HFF team worked on behalf of the borrower, a joint venture partnership between IP Capital Partners and a fund managed by Westport Capital Partners to secure the fixed-rate loan through a life insurance company. Loan proceeds were used to fund the acquisition of the property. HFF's debt placement team representing the borrower included senior managing director Chris Drew and director Maxx Carney.

MIAMI—Aztec Group managing director Peter Mekras has arranged a $2.75 million sale of 27,000 square feet of land in Flagler Village located in Fort Lauderdale, Florida. The land was sold with entitlements for 97 residential units in a 12-story, high-rise. The proposed rental apartment community is located at 626 Northeast 1^st Ave. The site is centrally located in the heart of Flagler Village, just north of Northeast 6^th Street (Sistrunk Boulevard) between an Andrews Avenue and Federal Highway.

WINTER PARK, FL—Owens Realty Capital closed a $7.1 million permanent loan in its acquisition of 2699 Lee Road, an 87,226-sq.ft. 84%-occupied office property in the Winter Park submarket. The property sale, brokered by Ron Rogg and Chip Wooten of CBRE Investment Properties' Office and Industrial Group, garnered a $10.45 million sale price. Vice president Zac Brumbaugh of CBRE Capital Markets' Debt & Structured Finance practice in Orlando arranged a nonrecourse, 10-year term loan that includes the first-year interest only with a thirty-year amortization thereafter. The loan was placed with a life company through CBRE's network of life company lenders.

NAPLES, FL—Expanding its presence as the largest owner of commercial properties in Naples, Hoffmann Commercial Real Estate has purchased several new properties in the retail district since the start of 2018. The company now owns over 20 properties in the city, valued in excess of $300 million and growing. Since the start of 2017, six total buildings have been added to the Hoffmann collection including the newest at 292-296 14^th Avenue South and 271 Broad Avenue, as well as 649 Fifth Avenue South, 630 Fifth Avenue South, 375 13^th Avenue South, and 393 Broad Avenue. The new acquisitions include 360 12^th Ave. South (home of The Bevy restaurant), as well as 990 First Avenue North, 360 12^th Avenue South, 350 12^th Avenue South, 370 12^th Avenue South, and 382 12^th Avenue South.

Instant Insights /

Middle Market Digest: Early This Week in Florida

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